contigent

Contingent refers to something that is dependent on or conditioned by a future event or circumstance. It describes a situation where an outcome is not guaranteed and relies on the occurrence of something else. This term is widely used in various fields, including law, finance, and general discourse.

In legal contexts, a contingent agreement or clause means that a contract's validity or a party's obligation is dependent on a specific future event. For instance, a real estate purchase might be contingent on the buyer securing financing or a satisfactory home inspection. If the condition is not met, the agreement typically becomes void.

In finance, contingent liabilities are potential obligations that may arise depending on the outcome of future events. These are often uncertain and are disclosed in financial statements to inform stakeholders of potential risks. An example could be a lawsuit where the outcome is not yet determined.

More broadly, a contingent situation implies uncertainty. When someone says something is "contingent," they are indicating that it is not absolute and could change based on what happens next. The future state of affairs is not fixed but rather depends on the fulfillment of certain conditions. The essence of contingency lies in this dependency and the inherent unpredictability of the future event.